7 Best Money Transfer Services to Send Money Internationally 2023
If you’re looking for the best way to send money overseas from the US you’ll want a service that’s convenient, low cost and secure. But which to pick?
There’s a huge range of options when it comes to money transfer services, including online specialists and major banks. This guide walks through 7 of the best money transfer services to send money overseas, including digital alternative services like Wise and Revolut.
7 top companies to send money internationally
- Wise: fast digital transfers to 70+ countries, using the mid-market exchange rate
- OFX: convenient payments in a broad range of countries, set up online, in app or by phone
- Remitly: range of payment services with great pay out options including cash collection
- XE money transfer: send money to bank accounts around the world quickly, right from your phone
- Revolut: global payments, including some currency exchange which uses the mid-market rate
- CurrencyFair: send in 20+ currencies, with the option of peer to peer currency exchange if you prefer
- Citibank: flat rate currency transfers, with fees waived for select account packages
7 Best International Money Services
Let’s get an overview of the money transfer services we’ll look at in this guide, to start with. We’ll get into the details of each in turn, in just a moment.
|Transfer Fees||Exchange Rates||Transfer Speed||Transfer Limits|
|Wise||From 0.41%||Mid-market exchange rate||50% of transfers are instant, 90% arrive in a day||Varied by currency|
|OFX||No transfer fee||Exchange rates include a markup||Often within 24 hours||Usually unlimited|
|Remitly||Varied by currency and delivery time||Exchange rates include a markup||Instant or near instant when paying by card, 3 to 5 days when paying by bank transfer||Fully verified account holders can send up to 10,000 USD a day|
|XE||Varied by currency||Exchange rates include a markup||1 – 7 working days||535,000 USD per transfer|
|Revolut||Up to 6 USD, depending on transfer details||Mid-market exchange rate to plan limits||Varied depending on destination||Usually unlimited|
|CurrencyFair||Varied by currency, usually around the equivalent of 3 EUR||Exchange rate includes a markup, on average 0.48%||1 – 2 business days||Varied by currency|
|Citibank||Up to 35 USD depending on account type||Citibank rate, available online||Initiated same day, delivery time varies based on destination bank||Varied by account type|
As you can see, the features, fees and options available for international money transfers from the US can vary pretty widely. We’ll look in more detail at each of these services next, so you can decide if any will suit your specific needs. Before you pick, it’s well worth comparing a few options, such as digital services like Wise, Remitly and OFX. You’ll usually find services like these are easy to use, with good global coverage and low overall fees. More on that, next.
1. Wise – low and transparent fees
Wise international transfers can be arranged online or in the Wise app, with 70+ countries covered. You’ll be able to fund your transfer by card, ACH or wire, and your dollars are converted to the currency required for deposit using the mid-market exchange rate, with fees from 0.41%. Wise payments are typically pretty fast, with 50% arriving in seconds.
If you need to hold, exchange or receive foreign currencies you can also get a Wise account, which supports 40+ currencies for holding and exchange. Plus you can get your own bank details to get paid to your Wise account from 30+ countries like a local.
Want to learn more about Wise? Click here for our full Wise review.
Pros and Cons of Wise money transfer
|Pros of Wise money transfer||Cons of Wise money transfer|
|✅ Fast, free and easy to create a personal Wise account|
✅ Low, transparent fees and the mid-market exchange rate
✅ Fast transfers which can arrive in seconds
✅ Pay via bank transfer, credit or debit card
|❌ Can’t pay for your transfer via cash or check|
❌ No branch network for face to face service
2. OFX – better rates for large transfers
OFX is one of the oldest money transfer companies and also offers a range of currency risk management services for individuals and businesses. OFX money transfers can be sent from the US to 170+ countries, with a minimum payment of 1,000 USD in value.
OFX has no flat fees for US customers and only makes money from currency exchange rates.
Want to learn more about OFX? Click here for our full OFX review.
Pros and Cons of OFX money transfer
|Pros of OFX money transfer||Cons of OFX money transfer|
|✅ Well-established brand and safe service|
✅ No flat fees for US customers
✅ 24/7 phone support
✅ Competitive exchange rates, especially for higher value transfers
✅ Currency risk management services available
|❌ Minimum transfer amount of 1,000 USD|
❌ Receiving or intermediary banks may charge fees on transactions
3. Remitly – instant transfers
Remitly is an online money transfer company that focuses on remittances. They’re especially good for transfers to countries on popular remittance routes, like India, Vietnam and the Philippines, and regions in other parts of Asia, Africa and South America. In total you can send payments with Remitly to 140+ countries around the world, quickly and conveniently.
Want to learn more about Remitly? Click here for our full Remitly review.
Pros and Cons of Remitly money transfer
|Pros of Remitly money transfer||Cons of Remitly money transfer|
|✅ Easy to use service, entirely digital|
✅ Send to bank accounts, or for cash collection in select markets
✅ Fast transfers, particularly for cash collection
✅ Online and phone based support in a range of languages
|❌ Not all delivery methods are available in all countries|
❌ Variable fees based on transfer details
4. XE – send money to 170+ countries
The overall XE business has been around since 1993, and is a well-established and trusted international money transfer company. XE Money Transfer uses variable fees which depend on the way you want to pay and the currency you’re sending to. In some cases there may be no XE fee at all.
In addition to their money transfer service, XE offers a wealth of reliable information on exchange rates, including currency price history, news and more.
Want to learn more about XE Money Transfers? Click here for our full Xe money transfer review.
Pros and Cons of Xe money transfer
|Pros of Xe money transfer||Cons of Xe money transfer|
|✅ XE is a worldwide, trusted authority for currency exchange|
✅ Low, variable fees based on your transfer details
✅ No minimum transfer
✅ Well regarded customer service
✅ Easy and intuitive website and app
|❌ No cash or check payments|
❌ No branch network
5. Revolut – competitive exchange rates
Revolut accounts can hold, send and exchange 25+ currencies, and all accounts have some currency exchange which uses the mid-market rate with no extra fee added. Once you’ve exhausted your account limit, you pay a fair usage fee of 0.5% for currency exchange. Transfer fees vary based on the transfer destination and type, and some transactions are no-fee under your account plan.
Revolut charges a monthly subscription fee for Premium or Metal plans (the Standard plan is no-fee). If you choose a fee paying account you’ll get some extra perks and higher value no-fee transactions as part of the package.
Want to learn more about Revolut? Click here for our full Revolut review.
Pros and Cons of Revolut money transfer
|Pros of Revolut money transfer||Cons of Revolut money transfer|
|✅ Fast and easy to create an account in the Revolut app|
✅ All accounts have linked cards and a selection of money management features
✅ Pick the account plan that suits your specific needs
✅ Some transfers are free, based on your account plan
✅ Some currency exchange uses the mid-market exchange rate, depending on your account plan
|❌ Not all countries or currencies are supported|
❌ Transfer fees of up to 6 USD apply
6. CurrencyFair – currency exchange marketplace
CurrencyFair offers easy online and in-app international transfers to and from 150+ countries, in over 20 currencies. You’ll pay a flat fee per transfer which is around 3 USD, plus an exchange rate margin which can be around 0.48% on average.
CurrencyFair also has a unique marketplace feature which lets you pick your preferred rate and match with other customers who want to exchange currency in the opposite direction.
Want to learn more about CurrencyFair? Click here for our full CurrencyFair review.
Pros and Cons of CurrencyFair money transfer
|Pros of Revolut money transfer||Cons of Revolut money transfer|
|✅ Great global coverage across 150+ countries|
✅ Use the unique CurrencyFair exchange for peer-to-peer exchange with your preferred rate
✅ Safe and trusted provider
✅ Flat transfer fee means it’s better value for higher transfer amounts
|❌ Exchange rate margins vary by currency|
❌ No option to pay in by check or cash
7. Citibank – fixed fee for international transfers
If you’d rather send your payment with a bank, Citibank may be able to help. The fees you pay will vary depending on the type of account you hold, with transfer charges waived entirely for some account packages. Standard fees where they apply can be in the region of 25 USD to 35 USD, with possible exchange rate markups added as well.
Want to learn more about Citibank transfers? Click here for our Citibank international wire transfer article.
Pros and Cons of Citibank money transfer
|Pros of Citibank money transfer||Cons of Citibank money transfer|
|✅ Safe and familiar|
✅ Convenient service online and in branches
✅ Global coverage in a selection of currencies
✅ Fees are waived for some account holders
|❌ Exchange rates are likely to include a markup|
❌ Transfer fee can be as high as 35 USD
Conclusion: What is the best money transfer service?
There’s no single best money transfer service – which works for your particular payment will depend a lot on where you’re sending money to, as well as your own personal preferences. Shopping around is the ideal way to get a good deal on international money transfers – and can easily be done right from your smartphone – or you can use our comparison tools to help decide which service could work best for you.
It’s always best to look at a selection of providers, including banks and specialist services. Check out Wise for payments which use the mid-market exchange rate, take a look at Remitly for near-instant transfers to be collected in cash, and why not also take a look at OFX for a convenient 24/7 service by phone or online.
Best International Transfer Service FAQs
Which money transfer service has the best exchange rates?
Money transfer service exchange rates can vary widely, and may include a markup. You’ll be able to compare the rates used by different services for your specific currency – usually finding a provider which offers the mid-market exchange rate, or close to it, is a good way to get a solid deal.
What is the cheapest money transfer service?
The cost of sending money overseas depends on a lot of different factors. Using this guide – or the comparison tools here at Exiap – to compare a few options for your specific payment, is the best way to get a good deal.
How does international money transfer work?
You can arrange an international money transfer service through your own bank or a specialist third party service like Wise, CurrencyFair or XE. You’ll be able to pay for your transfer using a credit or debit card, or with an ACH or wire, depending on the provider you pick. Your funds are then deposited into the recipient’s bank account in the currency you’ve selected, or in some cases, the money can be collected by your recipient in cash.
How long does international money transfer take?
How long it takes for your transfer to arrive can vary depending on where you’re sending to, and the provider you pick. Some money transfer services, like Wise and Remitly, can offer fast payments, and provide a delivery time estimate before you confirm, so you’ll know when your money is likely to arrive.
Which money transfer companies have a mobile app?
More or less all modern money transfer companies have an app, which you’ll be able to find in Apple’s App Store, or over on Google Play.